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Fianna Fáil’s Social Protection Spokesperson, Willie O’Dea TD has called for urgent action to deal with a future pension’s crisis as data from the CSO shows that the number of people with a pension has dropped by 9% over the past six years.Data from the CSO show that at the end of 2015, just 46.7% of people in employment had a pension compared to a figure of 51.2% at the end of 2009.

“This drop must be a cause for major concern for anyone planning for an aging Irish population. It’s clear that the State Pension cannot be relied upon to provide for a person’s welfare at retirement.”

“The level of private pension cover needs to be increased dramatically over the next decade; otherwise there will be a significant pension’s time bomb in the not too distant future.”

“The Government must ensure that private pension holders feel the benefit of maintaining their pension contributions in their pay-packets, and that those without a pension are incentivised to start one,” said O’Dea.

“There is rightly a conversation taking place about the level of the state pension, and how it needs to rise. However, we also need to look at private pensions and how we can ensure that more people avail of occupation and personal pensions, to help supplement their state pensions.”

“Future generations will not thank us if we shirk our responsibility, and ignore this issue,” concluded O’Dea.